Tag Archives: coral springs homes

Moving up? Do It Now!!

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Justin Miller with Primary Residential Mortgage shared this great information with us. This is a great article from KCMBlog.com that  demonstrates how important these low rates are if you have any current or past clients that are looking to move up into a bigger home anytime soon.  I hope you find it informative. 

 

A recent study revealed that the number of existing home owners planning to buy a home this year is about to increase dramatically. Some are moving up, some are downsizing and others are making a lateral move. Another study shows that over 75% of these buyers will, in fact, be in that first category: a move-up buyer. We want to address this group of buyers in today’s blog post.

                                            

There is no way for us to predict the future but we can look at what happened over the last year. Let’s look at buyers that considered moving up last year but decided to wait instead. 

Assume they had a home worth $300,000 and were looking at a home for $400,000 (putting 10% down they would get a mortgage of $360,000). By waiting, their house appreciated by 13.8% over the last year (national average based on the Case Shiller Pricing Index). Their home would now be worth $341,400. But, the $400,000 home would now be worth $455,200 (requiring a mortgage of $409,680). 

Here is a table showing what additional monthly cost would be incurred by waiting:

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 Prices are projected to appreciate by over 4% and interest rates are also expected to rise by as much as another full percentage point. If your family plans to move-up to a nicer or bigger home this year, it may make sense to move now rather than later.

So If you friends or family are ready to make a move, give us a call to help you find that new home, hook you up with a great lender and make the transition as smooth and pleasurable as possible. Call the team that helped 50 families buy and sell their homes last year. Experience that serves you well!

Robyn and Claudio Petasne Real Estate Team 954-770-6850       www.ClaudioPetasne.com

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Buying Homes for Cash

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When we talk to our customers and are preparing them to buy in todays market, we always try to explain that there is an unofficial hierarchy in purchase offers based on how they are paying for the property. Using the analogy of the childs’ game “Rock, Paper, Scissors” I offer “Cash, Conventional, FHA”. Home buyers who require financing for their home purchase can struggle to compete against buyers who have offers of all-cash. I go on to explain that in all price brackets South Florida Buyers are offering cash creating a highly competitive, multi bid situation where prices are bid higher then asking sometimes, even among cash buyers vying for the same property.
suitcase of money
Here in town over half the sales are cash! In the last 90 days in Coral Springs,FL 13 homes closed that sold with with VA loans, 50 sold with FHA loans, 64 sold with Conventional loans, and 99 sold for CASH.Having realtors who can creatively write your contract making your offer as strong as possible is a great boost to the buying power of customers using financing. Call Claudio and Robyn Petasne at 954-260-5570, Realtors experienced in buying homes for their clients. Making the most of your assets is both a science and an art that changes with the fluctuating South Florida Real Estate Market. !
Where are all-cash deals are the most prevalent? Cash deals represented 80 percent of home sales in June in Vermont; 58 percent in Nevada; 57 percent in Florida, and 51 percent in New York, according to RealtyTrac. Cash deals represent a very small percentage in Texas, Utah, and New Mexico.

The markets with the most all-cash transactions tend to have a high number of foreclosures and depressed home prices, which attracts investors and private equity firms, according to RealtyTrac. Here in Coral Springs and the surrounding area, 60% of the homes are distressed properties, combination of short sales and foreclosures.

The following 10 metros had 40 percent or more all-cash deals out of the total home sales in June, according to RealtyTrac:
1. Miami/Ft. Lauderdale: 64%
2. Las Vegas: 62%
3. Tampa, Fla.: 58%
4. Detroit: 56%
5. Orlando: 53%
6. New York: 49%
7. New Orleans: 43%
8. Memphis: 43%
9. Jacksonville, Fla.: 42%
10. Atlanta: 42%

So in review, when competing in the market to buy a home, you need realtors that know how to write a great offer, making the most of your financial assets. Claudio and Robyn Petasne are such realtors. Experienced and dedicated to helping you buy a home you will love and an investment that will prosper! If you have a suitcase of cash, that can always help too! Give us a call and see how we can help you. 954-770-6850
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Source: “Housing markets where cash is king,” CNNMoney (July 25, 2013)